Michael Dobson
Chief Executive
5 August 2010 trusted heritage advanced thinking

H1 2010 overview
• Net new business £16.1bn (H1 2009: £1.8bn)
• Funds under management £164.0bn
(31 Dec 2009: £148.4bn)
• Profit before tax £188.2m
(H1 2009: £76.9m*)
• Earnings per share 49.4p
(H1 2009: 7.0p)
• Dividend 11.0p
per share (H1 2009: 10.0p)
* Before exceptional items

H1 2010
• Client led
• Broad product range
• Strong distribution capability
• International diversification
• Financial strength

Delivering for clients
Outperformance over 1 year over 3 years
37%
26%
63%
74%
Above benchmark or peer group
Below benchmark or peer group
Quartile rankings 30 June 2010
Euro Corporate Bond
Euro Bond
Global Corporate Bond
UK Alpha Plus
UK Income
UK Income Maximiser
European Special Situations
European Alpha Plus
US Small & Mid Cap
Japan Equity Alpha
Emerging Market Equities
QEP Global Active Value
Global Equity Alpha
Emerging Market Debt
Commodities
1 year
4
1
1
1
2
1
2
1
3
1
4
2
1
2
1
1
1
1
1
1
2
2
1
1
3 year
1
1
1
1
1
1
Source: Schroders. Performance relative to benchmark or peer group to 30 June 2010

Broad product range
Net sales by asset class: H1 2010
Institutional Intermediary
20%
14%
24%
42%
24%
7% 9%
60%
Equities
Alternatives
Fixed Income
Multi-asset

Strong distribution capability
Increasing gross sales
Asset Management - £bn
40
30
20
10
0
H1 2007 H2 2007 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010
Equities
Alternatives
Fixed Income
Multi-asset
* Gross flows before netting

International diversification
69% of revenues outside UK
North
America
£16.8bn
South
America
£4.6bn
UK
£57.4bn
Continental
Europe
£39.9bn
Middle
East
£3.1bn
Asia
Pacific
£47.3bn*
£5.1bn China joint venture
* China joint venture funds under management are not reported within Group funds under management
FUM by client domicile

Institutional
Funds under management £87.3bn
• Significant increase in new business
• Traditional and new products
• Progress with official institutions and insurance companies
• Increasing client longevity
£bn
-5
-10
-15
-20
-25
20
15
10
5
0
11.6
-22.2
-10.6
2007
Gross sales
11.7
-15.5
-3.8
18.5
-13.6
2008 2009
Gross outflows
4.9
16.3
-6.5
H1 2010
Net inflows
9.8

Intermediary
Funds under management £62.7bn
• All-weather product range
• Developing absolute return and income products
• Over 1,800 distributor relationships
• Building out US
Intermediary business
0
-10
-20
-30
-40
50
40
41.0
30
20
10
-32.2
8.8
23.3
-29.5
2007 2008
Gross sales
-6.2
29.0
-19.4
9.6
21.1
-16.0
5.1
2009
Gross outflows
H1 2010
Net inflows
£bn

Intermediary
Funds under management £62.7bn
• All-weather product range
• Developing absolute return and income products
• Over 1,800 distributor relationships
• Building out US
Intermediary business
£bn
0
-10
-20
-30
-40
50
40
41.0
30
20
10
-32.2
8.8
23.3
-29.5
2007 2008
Gross sales
-6.2
29.0
-19.4
9.6
10.3
-7.0
3.3
10.8
-9.0
1.8
2009
Gross outflows
Q1 2010 Q2 2010
Net inflows

Private Banking
Funds under management £14.0bn
• Net new business £1.2bn
• 27% increase in management fee income
• Decline in interest income
• Higher operating costs
– recruitment
– doubtful debt provision
• Underlying momentum

Kevin Parry
Chief Financial Officer
5 August 2010

Key figures
185.6
173.3
188.2
76.9
H1 2007 H1 2008 H1 2009 H1 2010
Basic earnings per share (pence)
49.0
49.4
35.8
7.0
H1 2007 H1 2008 H1 2009 H1 2010
* Before exceptional items Group segment PBT before exceptional items
Compensation costs: operating revenues ratio (%)
47
45
48
46
H1 2007 H1 2008 H1 2009 H1 2010
Interim dividend per share (pence)
11.0
9.0
10.0
10.0
H1 2007 H1 2008 H1 2009 H1 2010

Profit before tax
Significant increase in net revenue
£m
300
250
200
150
100
50
PBT
H1 2009
£36m
Exceptional items
£41m
PBT
H1 2009
£77m
0
Net revenue
£205m
PBT
H1 2010
£188m

Significant increase in net revenue
£m
600
500
400
300
200
Net revenue
H1 2009
100 £332m
Markets
& FX
£73m
Margin
£13m
Net new business
£83m
Performance fees
£30m
Group
£6m
Net revenue
H1 2010
£537m
0
Before exceptional items

Profit before tax
Cost control continues
£m
300
250
200
150
100
50
PBT
H1 2009
£77m
0
Net revenue
£205m
Comp.
Costs
£82m
Other
Costs
£13m
Net finance
Income
£4m
Compensation costs:operating revenue reduced from 49% (FY09) to 46% (H1 10)
JVs and
Associates
£5m
PBT
H1 2010
£188m
Before exceptional items

Institutional and Intermediary net revenues
£m
228
272
Asset Management net revenue margins excluding performance fees
60bps
60bps
57bps
205
174
165
112
H1 2009 H2 2009
Institutional
Performance fees
H1 2010
Intermediary
H1 2009 H2 2009 H1 2010

Private Banking segment
£m - net revenue
49.9
49.2
48.5
7.8
7.6
11.5
11.8
12.1
13.6
24.1
28.6
30.5
H1 2009 H2 2009
Management fees
Transaction fees
H1 2010
Net interest income
£m - costs
34.7
13.4
4.3
17.0
42.9
13.6
2.0
27.3
43.3
13.8
4.7
24.8
H1 2009 H2 2009 H1 2010
Compensation costs
Doubtful debt provisions
Other costs

Operating expenses before exceptional items
£m
Staff costs
Other costs
Depreciation and amortisation
Total
Compensation cost: operating revenue ratio
Cost:income ratio
H1-10
242.4
111.0
10.3
363.7
46%
66%
H1-09
160.7
99.8
8.3
268.8
48%
78%
H2-09
230.0
107.6
8.7
346.3
H1 10 vs H1 09
+51%
+11%
+24%
+35%
50%
74%
-2%
-12%

Tax charge and earnings per share
Benefit of higher profitability
£m
Profit before tax
Tax
Effective tax rate(%)
Profit after tax
H1 2010
188.2
(47.5)
25%
140.7
H1 2009
Before exceptional items
76.9
Exceptional items
(40.6)
(20.7)
27%
56.2
3.1
8%
(37.5)
Total
36.3
(17.6)
48%
18.7
Basic earnings per share 49.4p
20.3p
(13.3)p 7.0p

Group capital allocation
£m
Investment capital:
Cash investments
Private Equity
Other investments
Sub-total
Seed capital
Group capital
Asset Management & Private Banking operational capital
Statutory Group capital
June 2010
352
92
263
707
160
867
727
1,594
June 2009
504
68
63
635
136
771
726
1,497
Dec 2009
808
90
20
918
141
1,059
590
1,649

Movement in Group cash balances
900
800
700
600
500
400
300
200
100
0
Group cash
Dec ’09
£808m
Dividend
£58m
Share
Purchases
£143m
Pension
Contribution
£58m
Re-allocation of
Investment capital
£194m
Other
£3m
Group cash
Jun’10
£352m

Michael Dobson
Chief Executive

Outlook
• Institutional well positioned
– potential reduction in revenue margins offset by increased longevity
• Intermediary dependent on investor demand
– broadly diversified
• Private Banking new business momentum
• Range of long term growth opportunities

Forward-Looking Statements
These presentation slides may contain forward-looking statements with respect to the financial condition and results of the operations and businesses of Schroders plc
These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future
There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by those forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors’ current view and information known to them at the date of this presentation. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast